Investment objective & strategy
As of June 26, 2025 · prospectusObjective. The Victory Tax Exempt Long-Term Fund (the Fund) provides investors with interest income that is exempt from federal income tax.
Strategy. The Fund invests primarily in investment-grade securities, the interest from which is excludable from gross income for federal income tax purposes (referred to herein as tax-exempt securities). During normal market conditions, at least 80% of the Funds net assets will consist of tax-exempt securities. The effective duration of the Fund is not restricted but generally is expected to be within three years of the Fund's benchmark. In addition, during normal market conditions, at least 80% of the Funds annual net investment income dividends will be tax-exempt and excludable from the calculation of the federal alternative minimum tax (AMT) for individual taxpayers. This policy may be changed only by a shareholder vote. The Fund invests primarily in investment-grade securities, the interest from which is excludable from gross income for federal income tax purposes (referred to herein as tax-exempt securities). During normal market conditions, at least 80% of the Funds net assets will consist of tax-exempt securities. The effective duration of the Fund is not restricted but generally is expected to be within three years of the Fund's benchmark. In addition, during normal market conditions, at least 80% of the Funds annual net investment income dividends will be tax-exempt and excludable from the calculation of the federal alternative minimum tax (AMT) for individual taxpayers. This policy may be changed only by a shareholder vote.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| REGL TRANSPRTN AUTH IL REGIONAL TRANSPORTATION AUTHORITY | — | $41.86M | 2.59% |
| MIAMI-DADE CO WTR&SWR | MIAUTL | $21.38M | 1.32% |
| MISSOURI DEVELOPMENT FINANCE BOARD | — | $16.65M | 1.03% |
| TX ST TPK AUTH-CAB-A | — | $16.56M | 1.02% |
| MIDLOTHIAN INDEPENDENT SCHOOL DISTRICT | — | $15.35M | 0.95% |
| Harris (County of), TX Hospital District, Series 2016, RB | — | $14.89M | 0.92% |
| CENTRL PLAINS ENERGY PROJ NE G CENTRAL PLAINS ENERGY PROJECT | — | $14.78M | 0.91% |
| SANGAMON COUNTY WATER R | — | $13.79M | 0.85% |
| NJ TRANSP 4% 6/15/2050 | — | $13.71M | 0.85% |
| IL ST FIN AUTH-A-REF | ILSGEN | $12.43M | 0.77% |
Portfolio moves
Nov 30, 2025 → Feb 28, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Victory Growth and Tax Strategy Fund · USBLX, UGTCX, UGTIX, UGTAX | 14% | 0.50% |
| Victory Tax Exempt Intermediate-Term Fund · USATX, UTEIX, UITIX | 5% | 0.44% |
| MFS HIGH YIELD MUNICIPAL TRUST | 5% | — |
Advisers
| Firm | Role |
|---|---|
| Victory Capital Management Inc. | Adviser |
Footnotes
- Expense ratio as of June 26, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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